You can’t be all things to all people.
Here’s the cliche example: Physicians are regarded as being one of the highest paid occupational groups in America. But who usually earns more: A family practice doctor, or a heart surgeon?
The specialist makes more money.
On October 24, 2010, I flipped my boss the bird and walked out the door (long story — it had been brewing for a while). That’s the day I entered private practice, without a single client.
For the first several months, I took any and every tax resolution case I could find. I was tempted to work the 2011 tax prep season, but I chose not to, because I knew I could make more money if I stuck to my guns and grew my tax resolution clientele. I was a specialist.
Shortly after tax season was over, I was no longer taking any and every case. By late spring 2011, well over half my new tax resolution clients were family owned trucking companies. My fees and revenues continued to increase, because I had become a specialist within a particular niche.
By the end of August 2011, my tax resolution firm had billed over $35,000 in new revenue for the month, and I was working from Sapporo, Japan. Amazing things happen when you specialize and do niche marketing.
What specialization are you known for, that allows you to charge premium fees?
What high-profit niche do you serve, that allows you to command higher prices, even if you do nothing but 1040 return preparation?
Don’t accept just any client that walks in the door. Pick and choose. Position yourself properly, communicate your value proposition through marketing, and dominate a niche.
That’s how you get rich as an EA, CPA, or tax attorney. That’s how you create a lifestyle practice. Regardless of whether you want to galavant around the planet a few times like I did, you want a private jet, or you just want a big house on 40 acres, this is how you do it.
There are riches in niches. Specialize, pick a niche, and dominate it.
If you have decided that tax debt resolution is the right specialization for you, then I’d like to invite you to Baltimore for 3 days, or Los Angeles for 1 day. Whichever is most convenient for you, pick one (or both) and come learn how to knock it … Continue reading